Luna crashed because it was always supported by TerraUSD, they claimed that every Luna coin was backed by TerraUSD, that as an extension was pegged to the dollar. https://www.cnbc.com/2022/05/12/cry...most-worthless-after-ust-falls-below-peg.html TerraUSD announced that they weren't backed by dollars and everything fell down as a domino. They essentially tried to do the same scam that Tether has been doing for years. The owners ran away first, obviously, and the poor souls that weren't quick enough to get their dollars out got caught in the guillotine. A clear example of what a so called stablecoin is.
They already disclosed that they have little USD about 3% plus another 3-4% in treasuries, the rest is what they call commercial paper. This is where it gets interesting, when they had 60 billion market cap (they now 80 billion), Bloomberg interviewed every bank that deals with commercial paper (it is a very small world), non ever saw them trading a single commercial paper. And at 60 billion they would be top 10 commercial paper holders in the world. Now do the math....